Soft launch of Iconic Harmony at Alma

Iconic Worldwide Bhd is engaged in preliminary discussions with potential partners to develop mega townships and industrial projects throughout Malaysia.

The group is also exploring avenues to establish resorts, villas, and theme parks, with the aim of bolstering tourism in Penang and leveraging the island’s distinguished reputation as a top-tier global tourist destination.

These developments are integral components of the group’s comprehensive strategy to fully capitalise on the potential within its property development and hospitality management ventures.

This strategic direction is being guided by the leadership of the new controlling shareholder and executive chairman, Datuk Seri Tan Kean Tet.

Tan expressed confidence in the future prospects of the real estate and hospitality sectors in Penang, citing substantial growth in tourism and the commencement of significant infrastructure projects this year, such as the Penang LRT and the expansion of the Penang International Airport (PIA).

He remains steadfast in his belief that the future holds promise for real estate and hospitality in Penang.

“As we embark on our next chapter with a renewed focus on property development and hospitality management, we will make bigger and bolder bets that will accelerate our growth and leave an indelible mark on the real estate industry. We are determined to turn around the group and explore opportunities to expand our business.

“On the property side, we have begun early discussions with potential partners to explore opportunities to develop mega township and industrial real estate projects in Malaysia. I believe that demand will only grow for these projects due to Malaysia’s unique appeal as a destination for foreign direct investments (FDI) and domestic direct investments (DDI),” he said.

Tan said the implementation of visa-free travel for tourists from China and India has delivered a positive impact on the local tourism industry, which will support the growth of the group’s hospitality business.

In addition, the expansion of PIA’s capacity from 6.5 million to 12 million passengers a year, slated for completion in three to four years, will deliver a major boost to the local tourism industry.

“This is a major, catalytic infrastructure project that I believe the market has yet to appreciate,” he said in a statement.

Tan, who was previously a major shareholder of Iconic, is now a controlling shareholder of the group. This is following the group’s successful corporate exercise that raised RM95.6 million via an oversubscribed rights issue, which raised his stake to 36.59 per cent.

Iconic plans to utilise 41.6 per cent of the RM95.6 million gross proceeds to acquire a parcel of freehold, vacant land measuring 15 acres in Paya Terubong, Penang Island.

“The group will submit a proposal to the Penang state authority for planning permission to construct a residential development on this newly acquired asset. It is expected that the gross development value (GDV) of this project will be more than RM300 million,” he said.

In a further boost to the group’s hospitality segment, in the fourth quarter of this calendar year, Iconic will start to manage the Iconic Regency, a serviced apartment in Sungai Nibong. The 42-storey Iconic Regency, one of Penang’s tallest residential towers, comprises 268 serviced apartments with built-ups ranging from 500 sq ft to 850 sq ft.

Source: NST Online